Weekly Gas Report – Week 34, 2023

Credit: Korea Shipbuilding & Offshore Engineering

The Baltic Briefing has issued the tanker report for the 34th week of this year. The report dated 25th August 2023 provides valuable insight into this week’s gas market dealings, LNG, and LPG.


There was some positive news for Australian LNG producer Woodside this week, as it seems there has been an ‘in principle’ agreement made to stave off further strikes. With most LNG fixing focused on the Pacific, this has further help boost an already rising LNG market.

BLNG1g Aus-Japan gained $13,748 over the week to finish at $121,737, which is the highest rate we have seen since January when rates topped out at $149,625. However, this rise in rates is unlikely cause as much strife as in the previous years where brokers do not expect us to see records of $600,000 PD again, and with most major players covered (or pretty well covered) the interest in spot remains slightly muted. That being said, the cargoes quoted October-November laycans are able to command significant premiums and in LNG we never say never.

The Atlantic was a little quieter in terms of physical fixing with only one reported requirement working, this has not done anything to damper rates though as BLNG2g US-Cont rose $14,284 to finish at $115,945, which just like BLNG1g has not been repeated since the first week of January 2023. BLNG3g US-Japan gained the most with just shy of $16,000 made on the week to finish at $154,203 (and we hit the triple where rates only beat the print in the first week of January 2023). As expected, this longer route commands bigger premiums over the others while owners consider fixing now for laycans in October-November will likely see them miss the whole of the winter spike.


While it has been relatively flat out in the East, rates on the index shifted only $1.2 down before rising a little to close at $94.786 (a fall of $0.50 cents on the week), but this still gave a pretty healthy daily TCE earning on a round trip of $78,379. Brokers pushed rates down expecting a fall with current open tonnage outstripping potential cargoes but with little done there was not the impetus to see a rate fall and the week ended up slightly positive from the day prior.

For the US, it was a slightly bigger fall overall, but for the most part very flat. Rates for Houston-Chiba BLPG3 fell $1 to close at $168.643 giving a daily TCE earning of $91,684. While Houston-Flushing shaved only $0.8 cents to close at $98.6, a daily TCE earning of $111,423. The tonnage list is a little tighter and there are several reported uncovered cargoes to be working, which explains the maintenance of the current rates but does not seem to be able to push rates further up either.

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Source: Baltic Exchange


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